September 24, 2004

Giving it all away. Again.

We don't usually post stuff we get from the Daily Mis-Lead because we figure their releases will be available from numerous other blogs. But for today's mis-lead, we'll make an exception.

Here's the whole thing:

ADMINISTRATION DISTORTS WHO BENEFITS FROM TAX CUT

The administration and most of the mainstream press are billing the tax package
passed by Congress yesterday as a "middle class tax-cut."[1] The reality is that the new law is more of the same: tax cuts that benefit the rich and, in many cases, exclude the neediest families.

An analysis from the Urban Institute-Brookings Tax Policy Center shows that the
middle 20 percent of earners "will receive an average tax cut of $162 in 2005 from this legislation."[2] The top fifth of earners, however, "will get an average tax cut of $1,317."[3] As a result, the top fifth will receive two-thirds of all benefits.[4]

The bill excluded a provision that would have extended the child tax credit to four million low-income families who currently don't qualify.[5] Extending eligibility to these families would have cost $4 billion.[6] Meanwhile, conservatives included $12 billion in tax cuts for corporations.[7]